Equipment was purchased on January 3, 2008, for $200,000 and was depreciated using the straight-line method based upon an 8-year life and $12,000 residual value. The equipment was sold on December 31, 2012, for $100,000. What is the gain/loss on the sale of the equipment? $17,500 gain $100,000 gain $17.500 loss $25,000 loss a b d